China calls on United States to 'cease and desist' from endangering trade relations
Mar 24 2018 by Desiree Burns
China is taking a two-step approach in its retaliatory tariffs.
Beijing said on Friday it was considering levying an additional 15 percent tariff on US products including dried fruit, wine and steel pipes, and an extra 25 percent duty on pork products and recycled aluminum in response to USA tariffs on steel and aluminum.
In Shanghai, Gansu Dunhuang Seed, a seed, cotton and food processing company, jumped 10% to 7.67 yuan, while Wei Long Grape Wine rose 1.38% to 16.17 yuan and Xinjiang Korla Pear gained 4.23% to 15.76 yuan. He added: "China is going to end up treating us fairly".
Also omitted from the exemption list was U.S. ally Japan, though a government spokesman said Tokyo would press to be included.
Markets will be watching to see whether the fracas escalates to include bigger-ticket items like massive U.S. sales of aircraft and soybeans to China, Zhang said.
China's ambassador to the U.S. wouldn't rule out the possibility of the Asian nation scaling back purchases of treasuries in response to tariffs imposed by President Donald Trump. "I have tremendous respect for President Xi", Trump said.
China's ambassador to the WTO told Reuters on Thursday that China was ready for the U.S. move, and would challenge it at the WTO.
"The tariffs will lead to rising costs, which will probably be paid by USA consumers".
China, which dismisses Mr Trump's allegations, has said it is ready to retaliate against United States imports. He said Trump and Xi agreed previous year on a 100-day agenda of trade-liberalization measures but Beijing failed to act on about half of them.
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People walk past a poster of Chinese President Xi Jinping beside a street in Beijing on February 26, 2018.
China "urges the US side to resolve the concerns of the Chinese side as soon as possible" through dialogue and "avoid damage to the overall situation of Sino-US cooperation", it said. "I want to give him a big pat on the back", the NY senator added, "I'm very pleased that this administration is taking strong action to get a better deal on China". Minnesota Pork Producers Association President Greg Boerboom said hog farmers in Minnesota and across the country will feel the impact of a trade war.
"The problem is that with the Chinese in this case, talk is not cheap".
Trump also directed Treasury Secretary Steven Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard technologies the USA views as strategic, said senior White House economic adviser Everett Eissenstat. We have great relationships with China.
"It is true that we are Chinese companies, but we supply American companies", said the executive with Changhong. The nation strongly opposes such unilateral and protectionist action, and will take "all necessary measures" to firmly defend its interests, the ministry said in a statement on its website.
China's Ministry of Commerce has cautioned against the USA taking measures "detrimental to both sides".
"If Trump really signs the order, that is a declaration of trade war with China", said Wei Jianguo, former vice commerce minister and now an executive deputy director of the China Center for International Economic Exchanges, a government-linked think tank. United States exports of fruits, frozen juices and nuts to China amounted to US$669 million previous year, and it was the top supplier of apples, cherries, walnuts and almonds.